Wealth fund

Wealth-creation platform dezerv. has raised $21 million in Series A funding led by Accel, with participation from existing investors Matrix Partners India and Elevation Capital, the company said on August 8. With the funds raised, the fintech startup plans to focus on strengthening the user experience, introducing new investment opportunities, and hiring in different roles, the statement said. Founded in 2021 by Sandeep Jethwani, Vaibhav Porwal, and Sahil Contractor, dezerv. is a wealth management platform that offers expert-led investing available to professionals with an investment amount starting from Rs 50,000. “This fundraise is one more step towards our mission of delivering real investment expertise to India’s working professionals. The need for better investment outcomes has never been felt as acutely as in the current volatile environment, ” said Jethwani. Earlier an invite-only platform, dezerv. said it was now open to all working professionals in India. … [Read more...] about Wealth management platform Dezerv raises $21 million from Accel, Elevation Capital

(Representative Image) Following a slew of recent fund raises by venture capital (VC) firms targeting the Indian market, Kotak Investment Advisors on August 2 launched Kotak India Alternate Allocation Fund, a Fund of Funds (FoF) with a target to raise Rs 1,500 crore, including a greenshoe option of Rs 750 crore. The FoF will be investing in other Private Equity (PE) and VC funds along with direct investments into companies. The fund will diversify across PE/VC funds in multiple sectors, including consumer, technology, healthcare, and financials as well as across multiple stages, from early stage to growth stage and late stage across different vintages. ‘Vintage’ is the first year when the fund starts investing in companies. Some part of the funds will be allocated for co-investment opportunities available from such investee funds. Nidhi Chawla, Fund Manager, Kotak India Alternate Allocation Fund said, “Investors require an optimal alternate equity portfolio through … [Read more...] about Kotak Investment Advisors launches Fund of Funds, targets Rs 1,500-crore fund raise

The Account Aggregator (AA) ecosystem has got a major boost as all the public sector banks (PSU banks) in the country have onboarded the platform, according to a tweet by Sahamati, a non-profit collective of the framework, bringing over 1 billion accounts on the AA framework. While many private sector and some public sector banks had gone live on the AA framework, some of India’s largest PSU banks including State Bank of India (SBI), Canara Bank, Punjab National Bank (PNB) and Indian Bank among others, were yet to onboard the platform until July. Finance minister Nirmala Sitharaman had reportedly instructed these banks to go live on the AA framework by end of July. The participation of major PSU banks is key to the success of AA’s framework as it will open a window for a huge pool of the banks’ customers to use the framework and allow easy access to financial services. Today, these PSU banks cater to a large chunk of India’s population. In January, Moneycontrol … [Read more...] about Account Aggregator ecosystem gets a boost as all PSU banks go live

- A + A (Aug 15): Some shareholders and potential investors of Asian crypto exchange Zipmex Pte Ltd are urging chief executive officer Marcus Lim to step down over management decisions they argue led to a severe cash crunch, people familiar with the matter said. Zipmex, which capped withdrawals last month after exposure to troubled crypto lender Babel Finance hurt its finances, on Monday (Aug 15) was granted more than three months of protection from creditors by Singapore’s High Court. The reprieve will give the firm additional breathing room to come up with a funding plan. One large Zipmex shareholder has written to Lim asking him to resign, citing a loss of trust among partners and the fallout from the Babel exposure, one of the people said. It wasn’t clear how many investors support the effort to remove Lim. “The internal matter of senior executive positions (including responses to this letter) is being handled by the board and shareholders,” Lim said in a … [Read more...] about Investors of crypto exchange Zipmex seek CEO Lim’s resignation

Bernama filepix for illustration purpose only - A + A KUALA LUMPUR (Aug 15): The number of bankrupt youths in the country showed a downward trend over the past three years, said Youth and Sports Deputy Minister Datuk Seri Ti Lian Ker. He said based on information from the Malaysian Department of Insolvency (MDI), there were 10,137 bankrupt youths in 2020 until June 2022. He said the decrease in bankruptcy cases could be seen in youths under the age of 25, where in 2020, a total of 21 youths were found experiencing bankruptcy and the number dropped to 20 in 2021, and only six this year up to June. "The downward trend among bankrupt youths was also seen in those aged 25 to 34, where in 2020, a total of 1,741 youths became bankrupt. This number decreased to 1,060 in 2021, and 425 this year until June. "A similar situation was also be seen among youths aged 35 to 44 years. In 2020, a total of 3,150 young people were declared bankrupt and the number dropped to … [Read more...] about Number of youth bankrupts in country declining, says deputy minister

Sithambaram: Therefore, the granting of RM4.17 billion to 1MDB cannot create any conflict of interest on the part of Justice Nazlan as SRC was no longer part of 1MDB at that material time. (Photo by Suhaimi Yusuf/The Edge) - A + A KUALA LUMPUR (Aug 15): Ad hoc prosecutor Datuk V Sithambaram submitted on Monday (Aug 15) that the loans given out by Maybank to 1Malaysia Development Bhd (1MDB) and Putra Perdana Development Sdn Bhd (PPD) were irrelevant to the charges faced by Datuk Seri Najib Razak in the SRC International Sdn Bhd trial. He said there was no conflict of interest on the part of the trial judge in the SRC case, Datuk Mohd Nazlan Mohd Ghazali, just because Nazlan had previously served as Maybank’s general counsel. Submitting in the Federal Court, Sithambaram said that at the time of the deliberation of the RM4.17 billion loan to 1MDB, the company was a separate legal entity from SRC, and therefore the loan had nothing to do with SRC. He pointed out … [Read more...] about Maybank’s loan to 1MDB irrelevant to charges faced by Najib in SRC trial, says Sithambaram

This article first appeared in The Edge Malaysia Weekly, on August 8, 2022 - August 14, 2022. - A + A THE recent Public Accounts Committee (PAC) report on the RM9.13 billion procurement of littoral combat ships (LCS) by Boustead Naval Shipyard Sdn Bhd (BNS) questions the actions of former Boustead Heavy Industries Corp Bhd (BHIC) managing director Tan Sri Ahmad Ramli Mohd Nor and LCS project director Anuar Murad. Ahmad Ramli, who was also chairman of the LCS Steering Committee, appointed committee members without the approval of, or discussion with, BHIC’s board members. The PAC report adds that Anuar, who was also BHIC defence and safety director, issued various letters of award (LoA) and variation orders (VO) with the support of Ahmad Ramli, allowing lax management to prevail. BNS is 20.77% controlled by BHIC and 68.85% by Boustead Holdings Bhd, with armed forces fund Lembaga Tabung Angkatan Tentera (LTAT) holding 10.38% and the Minister of Finance … [Read more...] about Ahmad Ramli, Anuar Murad in the thick of LCS issue

- A + A HONG KONG (Aug 15): Hang Seng Bank Ltd, a Hong Kong-based lender majority owned by HSBC Holdings Plc, is seeking an insurance partner after its existing agreement with Australia’s QBE Insurance Group Ltd expired, according to people familiar with the matter. Hang Seng Bank is working with a financial adviser as it explores a so-called bancassurance partnership, which could be valued at more than US$100 million, the people said, asking not to be identified because the matter is private. Under such an agreement, an insurer typically pays an upfront amount to sell its products in the bank’s branches. Insurance firms seeking to expand in Hong Kong have expressed preliminary interest in the transaction, the people said. QBE could also propose a new partnership deal, building on its existing relationship, they said. Considerations are ongoing and no final decisions have been made, the people said. A representative for Hang Seng Bank declined to comment. Hang … [Read more...] about Hong Kong’s Hang Seng Bank is said to explore insurance deal

Najib was found guilty of all seven graft charges the former premier faced in relation to SRC — one count of abuse of power in approving RM4 billion in loans from Retirement Fund Inc (KWAP) to SRC, and three counts each of criminal breach of trust and money laundering involving RM42 million worth of SRC’s funds. (Photo by Suhaimi Yusuf/The Edge) - A + A PUTRAJAYA (Aug 15): Datuk Seri Najib Razak’s application to adduce fresh evidence in his SRC International Sdn Bhd trial is an attempt to delay the case's proceedings, said ad hoc prosecutor Datuk V Sithambaram. Speaking to reporters after the hearing of the former prime minister's application at the Federal Court on Monday (Aug 15), Sithambaram said the prosecution takes the stance that the application is merely an attempt by the defence to delay the trial. “The prosecution thinks [the defence] is delaying, but they (the defence) think otherwise. Both of us are entitled to our views,” he said. However, the … [Read more...] about Najib’s bid to adduce fresh evidence is an attempt to delay SRC proceedings, says prosecutor

Datuk Seri Najib Razak (Photo by Suhaimi Yusuf/The Edge) - A + A PUTRAJAYA (Aug 15): The prosecution has described the contents of former prime minister Datuk Seri Najib Razak's six affidavits in support of his application to adduce fresh evidence in the SRC International appeal at the Federal Court as hearsay. Ad hoc prosecutor Datuk V Sithambaram, replying to submissions by Najib's lawyers on Monday (Aug 15), said the former premier's bid to introduce evidence relating to trial judge Datuk Mohd Nazlan Mohd Ghazali's purported conflict of interest is nothing but "hearsay and pure conjecture". Najib claimed in the affidavits that he allegedly knew details of the Malaysian Anti-Corruption Commission (MACC) probe into Nazlan and called for the three MACC investigators to be allowed to adduce further evidence as witnesses. He named the three MACC officers who quizzed Nazlan as Mohammad Zamri Zainul Abidin, the head of investigations and the head of anti-money … [Read more...] about Najib’s affidavits to support bid to adduce fresh evidence contain only hearsay, says prosecution